Incoterms (International Commercial Terms) - Rules for any mode of transport
The Incoterms (International Commercial Terms) are a series of commercial terms published by the International Chamber of Commerce (ICC). They are widely used in International commercial transactions or procurement processes and accepted by governments, legal authorities, and practitioners worldwide. The rules were first published in 1936 and periodically updated. The current version is their eight - Incoterms 2010.
EXW - Ex Works (named place of delivery): This term places the maximum obligation on the buyer and minimum obligations on the seller - a buyer incurs the risks for bringing the goods to their final destination.
FCA - Free Carrier (named place of delivery): The seller delivers the goods, cleared for export, at a named by the buyer place.
CPT - Carriage Paid To (named place of destination): The seller pays for the carriage of the goods up to the named place of destination
CIP - Carriage and Insurance Paid to (named place of destination): Similar to CPT, but the seller is required to obtain insurance for the goods while in transit.
DAT - Delivered At Terminal (named terminal at port or place of destination): The seller delivers the goods, unloaded, at the named terminal, covering all the costs of transport (export fees, carriage, unloading from main carrier at destination port and destination port charges) and assuming all risk until arrival at the destination port or terminal.
DAP - Delivered At Place (named place of destination): The seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport ready for unloading at the named place of destination.
DDP - Delivered Duty Paid (named place of destination): The seller is responsible for delivering the goods to the named place in the country of the buyer, and pays all costs in bringing the goods to the destination including import duties and taxes.
FAS - Free Alongside Ship (named port of shipment): The seller delivers when the goods are placed alongside the buyer's vessel at the named port of shipment and the buyer bears all costs and risks of loss of or damage to the goods from that moment.
FOB - Free on Board (named port of shipment): The seller bears all costs and risks up to the point the goods are loaded on board the vessel and the buyer pays cost of marine freight transportation, bill of lading fees, insurance, unloading and transportation cost from the arrival port to destination.
CFR - Cost and Freight (named port of destination): The seller pays for the carriage of the goods up to the named port of destination and the risk transfers to buyer when the goods have been loaded on board the ship in the country of Export.
CIF - Cost, Insurance & Freight (named port of destination): Similar to CFR, but the seller is required to obtain insurance for the goods while in transit to the named port of destination.
For more information: Incoterms
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